AIGH Capital Management LLC Grows Position in Electrovaya Inc. (NASDAQ:ELVA)

AIGH Capital Management LLC lifted its position in Electrovaya Inc. (NASDAQ:ELVA) by 3.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,525,099 shares of the company’s stock after purchasing an additional 77,473 shares during the period. Electrovaya comprises 2.0% of AIGH Capital Management LLC’s portfolio, making the stock its 19th largest holding. AIGH Capital Management LLC owned approximately 6.30% of Electrovaya worth $6,262,000 at the end of the most recent reporting period.

Separately, Penbrook Management LLC purchased a new stake in Electrovaya in the 4th quarter worth $448,000. Hedge funds and other institutional investors own 22.47% of the company’s stock.

Analyst Ratings Changes

ELVA has been the topic of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $10.00 price objective on shares of Electrovaya in a research report on Friday, February 14th. Raymond James set a $4.50 price target on Electrovaya and gave the stock a “strong-buy” rating in a report on Thursday, January 30th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $5.00 price objective (up from $4.00) on shares of Electrovaya in a report on Friday, February 14th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Electrovaya presently has an average rating of “Buy” and a consensus price target of $6.10.

Electrovaya Trading Down 2.9 %

NASDAQ ELVA opened at $2.38 on Friday. The company’s 50-day simple moving average is $2.46 and its two-hundred day simple moving average is $2.39. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.69 and a current ratio of 1.55. The company has a market capitalization of $95.45 million, a price-to-earnings ratio of -59.50 and a beta of 1.94. Electrovaya Inc. has a one year low of $1.67 and a one year high of $3.83.

Electrovaya (NASDAQ:ELVA) last issued its quarterly earnings results on Thursday, February 13th. The company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.01. Electrovaya had a negative return on equity of 15.42% and a negative net margin of 3.88%. Equities analysts forecast that Electrovaya Inc. will post 0.1 EPS for the current fiscal year.

Electrovaya Profile

Electrovaya Inc engages in the design, development, manufacture, and sale of lithium-ion batteries, battery management systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications in North America. It offers lithium-ion batteries and systems for materials handling electric vehicles, including forklifts and automated guided vehicles, as well as battery chargers to charge the batteries; electromotive power products for electric trucks, electric buses, and other transportation applications; industrial products for energy storage; and power solutions, such as competencies in building systems for third parties.